Hurricanes and other disasters – floods, earthquakes, tornadoes, and even cyber attacks or power outages – can cause devastation to businesses and disrupt their operations. Business owners who have had to close shop due to an unexpected disaster should review their commercial insurance policies to determine if they have a business interruption rider. While reviewing [...]
If you were fortunate enough to have not been impacted by Hurricane Irma or Hurricane Harvey’s wrath, why not consider making a charitable donation to the victims? There are several “smart” ways to make a contribution that will help provide disaster relief and also get you tax deductions and other rewards for your generosity. While [...]
CORPUS CHRISTI, TX – After 45+ years of service operating as Flusche, Van Beveren, Kilgore, PC (FVBK), the firm has merged with top 20 CPA and advisory firm Carr, Riggs & Ingram, LLC (CRI). The FVBK team joins CRI’s existing Corpus Christi office and the firm’s more than 1,800 CRI professionals currently serving clients across the [...]
If you’re traveling somewhere by airplane, perhaps one of the worst things that can happen to you at the airport is missing your scheduled flight. Your two big questions are probably 1.) When can I get on the next flight and resume my journey? and 2.) How much money is missing that flight and getting [...]
Hurricanes Harvey and Irma are events that for many will define 2017. Those victims in the path of the storms entered into a blur of activity preparing for their arrival — securing their homes, boarding their businesses, buying supplies, and finding safe spots for their loved ones. When a disaster of any kind damages a [...]
It’s that time of the year when neighbors hang ghosts in their front yard, cobwebs and witches adorn the breakroom, and jack-o’-lanterns are on every corner. That eerie vibe shouldn’t carry over into tax-planning season, though. Take a few minutes to familiarize yourself with these common tax terms so that they don’t spook you! 1. [...]
On July 29, 2017, the world could have used a cyber superhero to save millions of Equifax customers from an Equifax security breach. Data items such as social security numbers, birthdates, addresses, and credit card information were exposed – stolen! – through a vulnerability introduced in a patching process for a website application. This type [...]
Highlights of Texas Taxpayer Relief Due to Recent Storms and Floods **Updated 9/29/2017** As anticipated, the IRS is providing disaster relief to Hurricane Harvey victims - individuals, businesses, and relief workers. The IRS has granted automatic extensions for several tax-filing and tax-payment deadlines to qualifying taxpayers in the following counties: Aransas, Austin, Bastrop, Bee, Bexar, Brazoria, [...]
**Updated: 9/20/17** Hurricane Irma's record-breaking size, speed, and endurance recently precipitated billions of dollars of damage, and her timing couldn't have been worse for U.S. victims with fast-approaching tax filing deadlines. To help, the IRS has announced that it will provide tax relief to qualifying taxpayers in the Presidential Disaster Areas, as well as areas identified by the [...]
Backup electronic accounting records. Accounting records can include anything from accounting software to spreadsheets that are used for budgeting. Consider subscribing to a cloud-based storage service, or — at a minimum — store your backup data in multiple locations. Backup electronic records regularly to ensure data remains current and easily recoverable. Protect computers and [...]
A strong cybersecurity posture consists of effective measures related to prevention, assessment, detection, response, and recovery. But how can you determine whether your company is succeeding in these areas? Watch as Lorri Kidder discusses key questions that can help you evaluate your company’s cybersecurity defense system.
The public accounting profession offers a number of services, making it difficult for many to understand which direction is best for a particular need. Two services that are often confused are audits and agreed-upon procedures (AUPs). An AUP engagement offers the client greater flexibility than what a traditional audit can provide. It is likely to [...]
Some people struggle in September as they transition from summer to back-to-school routines. Similarly, amending a partnership agreement takes work, time, and adjustment—and is also likely a task that most of those involved would choose to avoid. It’s hard enough the first time to agree on all the items contained in the agreement – not [...]
Many families have built themselves a home team. Their players include nannies, housekeepers, cooks, gardeners, or health care workers, and they often come with tax obligations with which the families must follow to comply with IRS requirements. BATTER UP! Not everyone who works at someone’s home is considered a household employee for tax purposes. To [...]
More than a decade has passed since the National Association of Insurance Commissioners (NAIC) introduced us to the risk-focused examination process. Although this process has been in place for some time, insurance regulators and examiners must remain cognizant of emerging requirements and issues, as they have been plentiful and ever-changing in this area. By paying attention to updates, examiners can properly identify, [...]
The ACA requires employers to rethink many aspects of providing health insurance coverage to their employees. First, employers must determine if they are subject to the ACA rules and employer penalties may result from failure to offer affordable coverage or failure to properly report coverage. If you are looking for more details on [...]
When a lender offers the next item up for bid – a brand spanking new mortgage! – a working knowledge of mortgage interest points can help a borrower come in with the strongest bid. Going once: Understanding mortgage interest points Mortgage interest points are payments made by a borrower to the lender when securing a [...]
Entertainment magazine fans probably see the same popular celebrities in issue after issue. Similarly, those who stay up-to-date on current accounting issues probably stumble upon a new article about the fair value standard almost every week. The reason for this increased focus is relevance. The question constantly posed by accounting practitioners, academics, and users of financial [...]
While the word “audit” may sound scary in certain contexts, a reverse audit may help a company obtain a refund for overpaid state sales and use taxes. But when might a business consider such an engagement? Watch as Amy Hightower describes four instances in which it may be best to evaluate the potential [...]
The sun is arguably the most important star in the solar system. Among other functions, it provides light and warmth, helps plants survive, and is an abundant source of Vitamin D. While the sun’s biological benefits are readily apparent, what may be less obvious is how the sun’s presence could impact tax refunds. Thanks to [...]
